XRP rallies 10% in a day amid slowdown; Here’s why
Even though the majority of assets in the cryptocurrency market have started to slow down or even consolidate their gains, XRP is rushing on, driven by the positive narrative around the case between Ripple and the United States Securities and Exchange Commission (SEC).
Specifically, XRP has already rallied more than 10% in a single day, adding up to the 23.68% increase over the previous week and 31.28% over the past month, while it has also grown its value by over 100% in 2023, according to the most recent information retrieved by Finbold on November 6.
At press time, the XRP token was changing hands at $0.6878, getting extremely close to breaking the critical psychological price level at $0.70, last seen in July, following Ripple’s massive victory in the SEC case that saw Judge Analisa Torres declare that all retail sales of XRP were non-securities sales.
Meanwhile, the token has also received a massive influx of $3.49 billion to its market capitalization, which rose $33.43 billion to $36.92 billion or 10.45% in just 24 hours, fueled by the positive investor sentiment about the future developments surrounding Ripple’s court standoff against the securities regulator.
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Indeed, attorney Jeremy Hogan shared his two cents on the Ripple v. SEC case that culminated with the agency withdrawing its lawsuit against the blockchain company’s top executives, Brad Garlignhouse and Chris Larsen, particularly the part concerning a possible $770 million penalty over institutional sales of XRP.
As Hogan explained, using several compelling arguments, the disgorgement needs to be ‘fair,’ and in this case, should refer to Ripple’s net profits from the sales, not gross. In other words, it would mean that Ripple would “deduct business expenses from the total.”
Furthermore, the second argument is that this amount should go to the victims, which are “individuals/entities who lost money on an investment.” In his words, “if an XRP purchaser paid $0.30 and the price is now $0.60, they are not a victim and therefore no disgorgement.”
Finally, Hogan said that the SEC also needed to offer some nexus between the institutional buyer of XRP and the United States, considering that the SEC has no jurisdiction over the sales of the token in other countries, for example, in Germany, adding that this question would be particularly interesting.
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